Beijing said it would strengthen constitutional enforcement in Hong Kong on Friday to chart a post-pandemic course, according to SCMP. Here are the key highlights of the two sessions, which outlined a five-year plan:
- Priorities for Hong Kong include reforming the city’s electoral system and guarding against foreign interference.
- China will improve the implementation of national security legal mechanisms in Hong Kong and Macau and help the two administrative regions become more competitive.
- The government will support Hong Kong in its role as an international financial, logistics, and trade center as well as with its offshore yuan business.
- More than 400 billion yuan or $62 billion was spent last year to contain the coronavirus forcing general public expenditures by customs authorities up 8% over the budget to 173.5 billion yuan.
- In foreign policy, China will continue with its “independent foreign policy of peace” and promote a new type of international relations and a shared future of the human community.
China set a growth target of 6% for 2021 while tackling challenges, including lack of growth momentum.
The government increased the defense budget by 6.8% to 1.355 trillion yuan or $209 billion in 2021.
China intends to continue promoting its coronavirus-hit Belt and Road Initiative and implement the Regional Comprehensive Economic Partnership.
China raised the value-added tax payment threshold from 100,000 yuan of monthly sales to 150,000 yuan.
The government will implement climate control targets and expedite the shift towards a more environmentally friendly economy.
Chinese stocks and the yuan are currently declining. SSE Composite Index is down 0.043%, USDCNY is up 0.32%
